Despite current low crude oil prices, most companies in the oil and gas industry plan to invest the same amount or more in digital technologies now and in the future, according to a new survey by Accenture and Microsoft Corp.
The international oil companies, national oil companies, independents and oilfield services firms surveyed agreed that digital adds most value when enabling people and assets and the driver for continued digital investment is improving operational efficiency, rather than simply reducing cost.
Mobility, infrastructure and collaboration technologies currently represent the biggest investment areas across the oil and gas industry. Over the next three to five years, investments are expected to increase in big data and the Industrial Internet of Things/Automation.
The key reason companies are investing in digital technologies is to improve operational efficiency.
Digital technologies that enable people and assets are considered most important.
Workflows and processes that create bottlenecks and physical and cybersecurity are the biggest barriers to gaining value from digital technologies.
This is the fourth Oil and Gas Digital and Technology Trends Survey funded by Accenture and Microsoft. The 2015 survey collected insights from 229 oil and gas industry professionals including engineers, mid-level and executive management, business unit heads and staff, project managers and geoscientists from a cross-segment of the industry. Conducted in April 2015 by Tulsa, Oklahoma-based PennEnergy in partnership with the Oil & Gas Journal.